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UBS PaineWebber Municipal Securities Group Makes Appointments

| Media Releases Americas

UBS PaineWebber Inc. today announced that Robert F. Doherty and Mitchell L. Wein have joined the firm's Municipal Securities Group (MSG) as managing directors. Mr. Doherty will work in the infrastructure banking group in New York, while Mr. Wein will be based in the group's Philadelphia office focusing on Pennsylvania client development.

Prior to joining UBS PaineWebber, Mr. Doherty was a managing director at Merrill Lynch where he was responsible for the global distribution of alternative investment products. Before that, he was the co-head of Merrill Lynch's municipal banking group. A graduate of Georgetown University, School of Foreign Service, he received his MBA from the University of Chicago.

Previously, Mr. Wein was a managing director at PNC Capital Markets where he served as head of the public finance department since 1999. He received a B.S. from Arizona State University and a M.S. from Carnegie Mellon University.

The combined experience and expertise that Bob and Mitch bring will help contribute to our continued momentum and leadership role in the municipal market," said Terry L. Atkinson, director, MSG.

At the close of 2001, the MSG ranked number two in negotiated senior managed underwriting with a more than twelve and a half percent market share.

UBS PaineWebber serves the wealth management needs of more than 2 million clients with 8,800 financial advisors in 374 branch offices nationwide. UBS PaineWebber is one of four business groups of UBS AG along with UBS Warburg, UBS Global Asset Management and UBS Switzerland.

Contact: Susan Wentworth, 212-713-4097